Sofac, a leading consumer credit and leasing company in Morocco, reported a consolidated net banking income (PNB) of 385 million MAD for the first half of 2024, marking a 7% increase compared to the same period in 2023.
The company attributed this growth to initiatives aimed at developing high-value-added offerings, which also boosted its social PNB to 392 million MAD. Sofac’s net production surged by 15%, reaching nearly 3.78 billion MAD. This strong performance was driven by increased demand, especially in the automotive and leasing sectors, combined with an effective commercial strategy. As a result, Sofac’s gross outstanding loans grew by 11% to 17.379 billion MAD.
Sofac’s success is rooted in its efforts to diversify and strengthen its financing products for a wide range of customers. The company’s ability to cater to different market segments has been instrumental in its growth trajectory.
The company’s expansion has led to a 11% rise in net debt, largely due to increased bank loans used to finance its growth and development initiatives. This rise reflects Sofac’s strategy to sustain its growth while maintaining a solid financial structure.
In June 2024, Sofac issued a subordinated bond of 250 million MAD, which enhanced its credit distribution capacity and financial resilience.
